https://ift.tt/3jtdvbN
Submitted July 01, 2021 at 11:03AM
Disappointed that all of your crypto has fallen? Here's something to put everything into perspective.
One comment upvote is worth 0.4 moons this month, so one comment upvote is two cents at current moon prices. This is comparable to the minimum wage in countries like Sierra Leone. The minimum wage there is three cents. One click is worth almost as much as an hour of work there.This sure puts things into perspective for me.
Submitted July 01, 2021 at 09:53AM
Submitted July 01, 2021 at 09:53AM
What are your predictions for 2026, 5 years from now?
I'm in this for the long run and I think this whole ecosystem is interesting; technologically, financially and economically wise. Sometimes I do thought experiments to visualize what the future might look like. To give an example, here are a few of my (sometimes bold) predictions:50% of the world population will own some form of cryptocurrency90% of the countries in the world will have included cryptocurrency in their law system one way or anotherWe will fully be in the 'early majority' adoption phaseBitcoin will be $300.000Dogecoin will be $3Ethereum will be #1 in total marketcapPrivacy coins will be removed from (more) exchanges, but rise sharply in value50% of Fortune 500 companies will accept cryptocurrency payments
Submitted July 01, 2021 at 02:16AM
Submitted July 01, 2021 at 02:16AM
Daily Discussion - July 1, 2021 (GMT+0)
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.Disclaimer:Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.Rules:All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.Discussion topics must be related to cryptocurrency.Behave with civility and politeness. Do not use offensive, racist or homophobic language.Comments will be sorted by newest first.Useful Links:Beginner ResourcesIntro to r/Cryptocurrency MOONs 🌔MOONs Wiki PagerCryptoCurrency Discordr/CryptoCurrencyMemesPrior Daily DiscussionsMonthly Skeptics Discussion thread
Submitted July 01, 2021 at 07:00AM
Submitted July 01, 2021 at 07:00AM
Formula 1 strikes $100 million cryptocurrency sponsorship
https://ift.tt/3dwajbz
Submitted July 01, 2021 at 04:33AM
Submitted July 01, 2021 at 04:33AM
$31,000,000,000 Worth of ADA Now Staked in Cardano As Smart Contract Launch Approaches | The Daily Hodl
https://ift.tt/3AgGp59
Submitted July 01, 2021 at 02:14AM
Submitted July 01, 2021 at 02:14AM
U.S. Congressman Calls for Shutting Down Cryptocurrencies | Does he even know how Crypto works?
https://ift.tt/363z0rT
Submitted July 01, 2021 at 01:08AM
Submitted July 01, 2021 at 01:08AM
Robinhood will block the BUY button whenever it suits them. They did it with stocks and they did it with crypto. Never forget!
I see a lot of new people coming to r/cc everyday and often we hear mentions of Robinhood. Many may have forgotten now that the dust has settled .. but we remember.Robinhood decided to freeze trades for GameStop on Jan. 28. Shares of the video game retailer spiked after dudes on wsb began frantically buying the company's stock. Maybe some forgot but Robinhood literally blocked the buying button so that you couldn’t buy.Then they did the exact same shit with DOGE. They don’t give a fuck about you, if they feel like it, they’ll block that button and you out of app.You have many options wherever you are from:-Coinbase-Binance-KuCoin-Crypto.com-Kraken-BitStampDon’t let them control what you can and cannot buy.
Submitted July 01, 2021 at 02:54AM
Submitted July 01, 2021 at 02:54AM
Congressional Hearing on Crypto going on currently. Mostly same old boomers with same old attacks. Crypto bad, equity good. Why do they turn off comments and live chat, what are they afraid of?
https://ift.tt/3qBO6hB
Submitted June 30, 2021 at 09:40PM
Submitted June 30, 2021 at 09:40PM
Robinhood gets a slap on the wrist for regulatory violations: Don’t use Robinhood for crypto!
https://ift.tt/3ybJulc
Submitted June 30, 2021 at 10:11PM
Submitted June 30, 2021 at 10:11PM
Introducing the r/CryptoCurrency User Verification Program
Hello r/CC,Today I'd like to announce a new program we are piloting for user verification. The wiki page with full details can be found here, but the TL;DR is that representatives of established entities in the crypto industry (exchanges, wallets, coins) can verify themselves with us for benefits like special flair.For the typical subscriber, our hope is that this will help you identify official representatives on this subreddit more easily and reliably. Scammers will often try to impersonate exchanges, wallets, or other support entities to steal your seed or private keyFor representatives of crypto entities, out goal is to help improve your presence and responsiveness in our subreddit. The flair will help you identify yourself, the optional pings can help you respond quicker when you're mentioned, and the ability to request a pinned link to your comment makes sure your response will be seen.Exodus has kindly helped us try out this program so far. You can view them on our Verified Users page and see an example of them participating with their verified exodus flair here. Thank you for reading and please let me know if you have any questions or concerns
Submitted June 30, 2021 at 11:42PM
Submitted June 30, 2021 at 11:42PM
I Only Have 5 Bitcoin, Senator Lummis Encourages People to Buy and Hold BTC
https://ift.tt/3hgtibk
Submitted June 30, 2021 at 08:52PM
Submitted June 30, 2021 at 08:52PM
I (21F) would love to have another fake boyfriend-crypto story, so tell me some
Since there was one hot post yesterday and a bunch of people copying them today, how about we just put all these fake stories in here and avoid spamming the sub with this circle-jerk moon-farming nonsense... :D
Submitted June 30, 2021 at 08:23PM
Submitted June 30, 2021 at 08:23PM
It is interesting how media portrays everything to be a “bubble”. According to them, crypto, stocks, housing are all in a bubble right now. What are people supposed to invest in, then? 🧐
Crypto is in bubble. Stocks are in a bubble. Housing is in a bubble. It seems everything worth investing in is in a bubble, except fiat.Is this an elaborate plan to encourage the masses to hold fiat and sell their assets, so that the rich elite can buy the quality assets at a better price? 😹
Submitted June 30, 2021 at 06:27PM
Submitted June 30, 2021 at 06:27PM
Help understanding Liquidity Pools / First Listing / Creating a Token
Hello,I am attempting to understand Liquidity Pools (LP) a little better and am struggling to find answers to some of my questions. Any information or direction would be helpful. Please keep any negativity out of the comments, not looking for scrutiny.Let's say you started a cryptocurrency. You have a supply of 400,000,000,000,000 BLAToken. You have 5k-10k for the LP. 5% of every purchase goes back into the LP.How do you decide how much to load to set the initial price?Once you set that initial price, how do you load more tokens on if you don't have any more money to put into LP, Say you're broke, but you hold a large sum of BLAToken that are worth a lot more now?Once the current supply sells, could you sell a small amount of your private supply of BLAToken and put that back into LP to add more tokens?
Submitted June 30, 2021 at 08:38PM
Submitted June 30, 2021 at 08:38PM
When I copy and paste my wallet address from Kraken, the pasted address is not the same. Is this normal or a virus?
I think this might be a virus, I don't think I've downloaded anything suspicious but maybe I did.I copy and pasted and address from Kraken into the Monero GUI wallet. The addresses do not match.I copied it again and posted it in a word document, it's the same address from before, but does not match the wallet address on Kraken.I just tried the same thing again on a different computer and now the addresses match. I'm thinking I have a virus for sure now but I have no idea where it came from our how to find it.
Submitted June 30, 2021 at 07:10PM
Submitted June 30, 2021 at 07:10PM
What will you buy with your earnings?$
I see so many ppl say they’re buying a Lambo, or a cyber truck etc. these are all “neat” but none are wise investments. What I want to know is what wise or smart investment will you buy into after your crypto take you to the moon??Me I’m buying a few acres of land. Building underground bomb shelter to live In Full time and my roof will be entirely made of fruits and veggie garden!! The only things other than that I have been thinking of buying is a Tesla solar system, industrial generator and electric water filtration.Let’s hear your crazy spending plans?!?!
Submitted June 30, 2021 at 06:39PM
Submitted June 30, 2021 at 06:39PM
WhaleFarm Token Crashes 99% in a $2.3 Million Rug Pull
https://ift.tt/35ZB9oD
Submitted June 30, 2021 at 03:05PM
Submitted June 30, 2021 at 03:05PM
Okay everyone, get ready for a bullrun. I’m going to try swing trading, again. You can all thank me later.
Had the thought of trying swing trades, as the market trades sideways. But from my past experiences, I’ll most likely cause a massive bullrun, as I sell at a -1% day, just to miss a massive upward spike the next day of +1000%.You can all thank me later. Happy to be of service…Edit - commas are nice, let me add a fewEdit - if you happen to afford a few lambos, please paint one Iridescent Fuscia in my honor. That was my go to Need for Speed Underground color. Queue Doomsday by Overseer.
Submitted June 30, 2021 at 04:32PM
Submitted June 30, 2021 at 04:32PM
Don’t accept chat invitation on Reddit
Seriously, just don’t.If like me you joined a couple crypto-related subreddits, I bet you get some random chat invitations, more often than not by less than 1-week old accounts.They are all scammers. DO NOT ACCEPT THEIR INVITATION. Ignore them happily and go about your day. Stay safe
Submitted June 30, 2021 at 03:12PM
Submitted June 30, 2021 at 03:12PM
Young people may not have as much capital to invest, but you're rich in time
If you're young and just starting out, it can suck to see whales making millions over night during a measly 5% pump or whatever, because they already have millions in capital, while your small initial investment will still not net you very much, comparatively, even if your coin goes 10x.But I would say you're in a much better position because you have time on your side, which is a much more valuable asset. 10 years in crypto is worth more than $10 million, imo. A lot more.I wanted to get this message out, in case you feel like a minnow swimming around, not able to make any waves. Just stick around for the long term.
Submitted June 30, 2021 at 09:28AM
Submitted June 30, 2021 at 09:28AM
Buy when others aren’t interested. Sell when everyone is.
I’m telling you; this is it. This is all you have to do. Do this and you will make it.But you won’t. You dirty whore-of-a-human. You won’t do it. You’ll buy high. Sell low. You’ll get bored of sideways markets and delete reddit off your phone. And in a years time you will see Bitcoin $300k on the news and you will be back, buying loads.You cannot change my mind.
Submitted June 30, 2021 at 11:11AM
Submitted June 30, 2021 at 11:11AM
Is ICP a Scam? Arkham Intelligence Looked Into It
A Summary of Arkham Intelligence’s Takedown of ICPLink to the articleICP dropped from it’s ATH of $730 to $30It ascended to the 3rd most valuable crypto assetDFinity is the company behind ICPOn-Chain AnalysisThe addresses in question belong to 3 entities: Dfinity, exchanges, and suspected insidersThe “Treasury” is the address Arkham believes belongs to Dfinity, and it received 107 million ICP from the mint(about 25% of total supply)There are two types of exchange addresses: central addresses and deposit addressesIn a nutshell, central addresses are the pot of ICP that an exchange holdsDeposit addresses hold crypto for a short time before transferring to central addressesThe suspected insiders are some addresses that either received ICP from the Treasury or deposited ICP to a deposit address also used by the Treasury.Arkham tracked exchange flows and found that the Treasury deposited 3.1 million ICP to exchanges on May 10 and 4.7 million on June 15thThe exchange deposits on May 10 are typical for providing liquidity on exchangesThe deposits on June 15There are 34 suspected insiders that also deposited a lot of ICP to exchangesThey were sent 34.1 million ICP in totalAbout 75% of these transfers occurred within 3 hours of trading open on CoinbaseThe deposits by insiders are made in different amounts, to different exchanges, leading to the assumption that there is no single underlying entity.Despite this, many insiders made a large transfer on listing day followed by intermittent deposits post-listingThey followed this pattern:Treasury sends 62.5k ICP to insider 2 hours before trading opensInsider sends 62k ICP to Coinbase/Binance addresses over the course of 5 days after listingExchanges move this ICP to central addresses within 20 mins of depositImplicationsThe Treasury and insiders sent about 75% of the total ICP deposited on exchanges.We can only assume these tokens were sold, as there is no “direct and clear” evidence that they were.The assumption is safe because:The price plummeted as these deposits were madeThe only thing to do with ICP on an exchange is to sell itA possible counter argument is that they wanted to use Coinbase for token custodyThis is unlikely because the token holders (Dfinity and insiders) would most likely have the capability to securely store tokens and they would have been incentivized to store them in a way that maintained their custody of them(at the time of the dump, their tokens were worth hundreds of millions).Secondly, ICP protocol distributes ICP rewards to holders who lock their tokens in the network. If there is no intent to sell, holders are incentivized to earn rewards rather than store them on exchangesThirdly, and most simply, the historic price drop indicates mass selling.Off-Chain AnalysisThere was a lack of transparency regarding token allocation and unlocking as there is very little public information in the way of token unlock schedulesContrast this to UniSwap, who released breakdowns for allocation by category of holder, and a breakdown of the unlocking of the treasuryDfinity’s founder sent a twitter reply claiming:“Foundation didn't vest itself but plans on putting most of its ICP into neurons. It is doing this carefully to make sure foundation+team members don't control the network (you wouldn't believe it based upon what you hear, but in actual fact, we care a lot about decentralization!)”Having no vesting essentially means that token holders are less incentivized to hold their tokens should something happen with the project(like a rug pull, team dump, or VC dump)Seed Supporter’s StrugglesAt time of launch, seed supporters were entitled to about 25% of the total ICPThese initial investors seem to not have been aware of how to access their tokens or how the tokens would unlock until listing dayDfinity published an article on Medium on how to access seed tokensThis article explains that seed investors would be subject to a 4-year unlocking schedule:“Seed donors will receive all of their ICP tokens at Genesis Unlock, but these will be staked inside 49voting neurons within the NNS. Each neuron that is delivered will have a different “dissolve delay”configured by the NNS. This configures the minimum period required to unlock the ICP tokens staked inside. One of their neurons will have a dissolve delay of 0 days, allowing the staked ICP tokens to be unlocked immediately, if desired (subject to applicableAML/KYC verification). Another will have a dissolve delay of approximately 30 days, another of 60 days, another of 90 days, and so on.(Note:Configured dissolve delays may have some small random number of days added or subtracted by the NNS).”The provided set of steps to retrieve seed tokens is complicated and technical, with users reporting bugs.The steps could not be performed on Windows or new Macs with M1 chipsDfinity support was unsurprisingly lackingUsers on the support forum report being redirected back to the forum after submitting tickets for their issuesSome users report buying new computers to access their tokens.If Dfinity intended to dump, it would make sense to effectively disallow seed investors to access and sell their tokensMany seed investors were forced to watch as they watched what would have been a life-changing investment slip through their fingersImplicationsAny one of these pieces of evidence may easily be swept under the rug as a new project fumbling through release.As the pieces come together, it seems clear that there was intent behind all of these events.This rug pull event stresses the need for better analytics on cryptocurrenciesICP buyers should have known about suspicious token flows and off-chain activity.
Submitted June 30, 2021 at 07:52AM
Submitted June 30, 2021 at 07:52AM
Stellar Lumens (XLM) to Introducing Decentralized Finance (DeFI) Support
https://ift.tt/3dv4Q54
Submitted June 30, 2021 at 04:34AM
Submitted June 30, 2021 at 04:34AM
My wife is pregnant. I want to buy $1000 of crypto to give to my child in 18 years. What should I buy?
My wife and I have been trying to start a family for a few years now, and finally after some fertility help we are so happy that she is finally pregnant. She is due in December.My parents and in-laws asked us to open a 529 plan to save money for college, and I was thinking to myself, “I bet if I put just $1000 into crypto it could be worth more in 18 years than anything we would put into a 529 plan....”So I’m going to test that theory. I’m going to take $1000, buy a small crypto portfolio, move to cold storage, and hold for 18 years. No swing trading, no DCAing, just hold.For simplicity the smallest amount I want to work with is $10, so please don’t say “$1 of the top 1000 coins!”I’m thinking something along the lines of $500 ETH, $250 BTC, and a mix of smaller amounts of MATIC, SOL, AAVE, and perhaps $10 of something really speculative like XPR.What would you spend $1000 on?It could be worth millions, it could be worth $0. It’s going to be fun to see.Note: if you think this is just a moon farming post...well ok that’s fair, but I will post the wallet public address(es) when the baby is born in December.
Submitted June 30, 2021 at 04:54AM
Submitted June 30, 2021 at 04:54AM
To the man who wanted to get through TSA with Cold Storage in his ass
I've done some research and I've got you 👉😎👉Use Trezor. The ledger is made of metal and can be detected by metal detectors. The trezor also has larger volume 😳Put 2 Trezors in your prison pocket. The one with dogecoin in it on the outside. So if they ever do catch you, They just going to take the doge one.Put some devil's lettuce in there too, Just to throw off the stench.Walk with confidence. The TSA are really just there for show, So just walk like you don't have 2 crypto wallets and some weed inside your meat wallet and you'll be fine 🙂
Submitted June 30, 2021 at 04:45AM
Submitted June 30, 2021 at 04:45AM
Daily Discussion - June 30, 2021 (GMT+0)
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.Disclaimer:Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.Rules:All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.Discussion topics must be related to cryptocurrency.Behave with civility and politeness. Do not use offensive, racist or homophobic language.Comments will be sorted by newest first.Useful Links:Beginner ResourcesIntro to r/Cryptocurrency MOONs 🌔MOONs Wiki PagerCryptoCurrency Discordr/CryptoCurrencyMemesPrior Daily DiscussionsMonthly Skeptics Discussion thread
Submitted June 30, 2021 at 07:00AM
Submitted June 30, 2021 at 07:00AM
Lol - Government must have power to reverse crypto transactions, says co-chair of blockchain caucus
https://ift.tt/3jnXK69
Submitted June 30, 2021 at 03:38AM
Submitted June 30, 2021 at 03:38AM
How I wagered 10,000 Moons on a single bet (and won)
Thought this might be cool for the r/cc archives! 6 months ago u/poopymcpoppy12 and I made a bet here (archived here).Image of the original betEssentially, our wager was based on Chainlink versus Nano over the next 6 months. At the time, Chainlink was $12.56, while Nano was $1.09. In the spirit of "put your Moons where your mouth is", we agreed that the winner would get 10,000 Moons from the other. So what happened? Well..Chainlink versus Nano graphStarting point is the price at December 28th for both, end point is June 28th for both. Chainlink went to $18.86, Nano went to $4.89.I'm glad to see that u/poopymcpoppy12 also gained, since Chainlink is up since then, but fortunately for me Nano has increased in price more, percentage-wise. Luckily, Poopy has 17k Moons (source) so they can settle the bet.As far as I know, this is the biggest Moons wager that has been placed so far, and I personally find it pretty fun that I was involved in it (and that I won, of course). u/poopymcpoppy12 has settled the bet in the meantime - they've immortalised themselves by honoring the bet. Scroll down in the thread to give them some sweet karma to hopefully regain some of those moons.If anyone wants engage in a new wager I'm always up for it!
Submitted June 30, 2021 at 01:56AM
Submitted June 30, 2021 at 01:56AM
Crypto Exchange Kraken Slashes Deposit Fees Across All Digital Assets to Zero - We should demand this from all CEXs.
https://ift.tt/3y90Nmy
Submitted June 29, 2021 at 11:54PM
Submitted June 29, 2021 at 11:54PM
Why Prices Are Rising Today, and Where They Could Be Headed (A Reverse-Stochastic Analysis of the Winihoff Decumulation Phase)
We all know that for the last 47 days we’ve been jerked around by the inverted Winihoff decumulation phase. But today Bitcoin moved into a descending pentagon pattern, currently testing 35k to the upper falsetto Trend Line of 37k. This indicates Bitcoin could possibly range back downwards to 30k if the Phase 3 Burgandy Trend Line isn’t held in the 24-hour period.If we do hold the Burgandy trend line, we could rocket past the 37k mark and overcome the asymmetric volatility, just like we saw at the end of last cycle’s oscillating Morningstone quadrant phase.In short: it’s quickly approaching Truth Time™️ for Bitcoin. If we can’t hold the Burgandy line, I see a re-test of the 21-day SVP directional level. But if we can hold the Burgandy line, and if Bitcoin blasts through the Tamland 27-week support metric, the upward pressure could lead to a downward stochastic indication of a Rainbow Cross. If that happens, all bets are off.
Submitted June 29, 2021 at 11:10PM
Submitted June 29, 2021 at 11:10PM
Moved my ALGO to the official wallet. I’m impressed.
It’s no secret that ALGO has a pretty loyal following on this sub. I’ve been buying into it and have a few hundred ALGO. I have been keeping it in my exodus wallet along with all my other crypto assets for convenience, but recently moved it to the official ALGO wallet so that I can get the full APY and to be better prepared for the governance roll out.I backed up my 24 word seed phrase and sent a test transfer of 1 ALGO. I was very pleased how fast and cheap the transfer was. Transferred my total balance and am very pleased. I like how the rewards are continually added to my balance, and I do rather like the UI of the wallet.I understand the appeal of keeping all assets under one wallet, but I am happy with my decision to move my ALGO. It seems worth the hassle of keeping up with another wallet.
Submitted June 29, 2021 at 09:07PM
Submitted June 29, 2021 at 09:07PM
Formula 1 announce Crypto.com as inaugural global partner of the F1 Sprint series
https://ift.tt/2T9bXJx
Submitted June 29, 2021 at 04:56PM
Submitted June 29, 2021 at 04:56PM
How did you get into crypto? I'd been hearing about it during 2017 and friends tried to get me to invest when BTC was around 4k.
I didn't have any money to invest, I was living paycheck to paycheck and cold not dream of being able to save any money. I was working my literal a$$ off on a mission to lose a total of 90kg, and in December 2017 hit that goal. I also ended up fired that month, and had a brand new dog, and had just upgraded houses. It was not the best time to go into business for myself, but what the hell right.I decided to start writing full-time as a freelancer. I picked up 3 clients during December, and one of them was a crypto exchange. They offered me a 1-year deal, and they offered a modest fiat salary with some of the native exchange tokens as a bonus. These tokens were 90 cents at the time of negotiation so I ended up agreeing to 200 per week, thinking that if I saved all of them for a year, I'd have just enough for the body lift surgery I needed after this extreme weight loss.I'm an ex-pat and had to go on a visa run in late December, our office closed and when I came back it was the first week of January. The stupid exchange tokens they had offered me were now trading at $7 each.I stopped.I stared.I screamed.Is this for fucking real?????My friend/coworker looked at me with the biggest smile on his face and says, WELCOME TO CRYPTO BABY!!And that was when the mania wave hit, and all of a sudden my world opened up to a whole slew of new possibilities!By the end of January I was getting plastic surgery quotes and found a doctor I liked. I got him to take the down payment in crypto, which was totally exciting.Do you know how exciting it was to be able to put $4000 down toward a surgery in Februry, when I had only made like $12,000 the entire year before??? I can't tell you how dramatically crypto has impacted my life. I look around at my home, and see evidence of the last bullrun all over. From my deep freezer to help keep me on track with food, to the computer I'm typing on now, and the body I am sitting in now.I am a believer!! Now, it's my second bullrun, I'm now working for a stellar project lead by a team of crypto millionaires, who have come up with a super cool new approach and are literally building a legacy.I fucking love crpyto. How did you get into it?
Submitted June 29, 2021 at 04:04PM
Submitted June 29, 2021 at 04:04PM
My friend just invested his whole life savings (~$70k) into this thing called NFP Federal and convinced his father into doing the same. They're trying to get me into it as well but it looks sketchy. Are they fucked?
http://nfpfederal.com
Submitted June 29, 2021 at 02:33PM
Submitted June 29, 2021 at 02:33PM
AMA With Sergio Demian Lerner !!
Widely recognized as a leading security and cryptocurrency researcher, and a serial entrepreneur, Sergio Demian Lerner has co-founded several technology companies: RSK Labs, Coinspect, Coinfabrik, and ATI-Medical. In 2011 he joined the Bitcoin community and collaborated to strengthen the security of the Bitcoin Core by responsible disclosing 9 vulnerabilities. In early 2013, he created QixCoin, the first Turing-complete cryptocurrency. In 2015, he performed one of the first security and design audits of Ethereum and collaborated in the design of the platform. Also in 2015, he designed RSK, the first Bitcoin sidechain. Since 2011 he has proposed more than 70 technical improvements to Bitcoin, Ethereum and RSK, for improved blockchain privacy, interoperability, security, decentralization, scalability, fairness, and latency. For the purposes of this AMA, we would like to focus on RIF and RSK technologies, the relationship between RSK/RIF and platforms like Liquid and Ethereum, RSK merge-mining, the RSK two-way-peg security, current projects in the works, and Sergio’s contributions to Bitcoin.The AMA date is June 29, 10am GMT -3 to 12pm GMT-3. We are posting this a few hours ahead of time to allow for questions to get started.Join us on the RSK Official subreddit here:https://ift.tt/35Zj5uD Official Twitter: https://twitter.com/RSKsmartRIF Official Twitter: https://twitter.com/rif_osSergio Lerner Twitter: https://twitter.com/SDLernerSergio Lerner Blog: https://bitslog.comRSK Official Community Telegram channel: https://ift.tt/3eSt5sb Official Community Telegram channel: https://ift.tt/2OSh8Fp
Submitted June 29, 2021 at 07:31PM
Submitted June 29, 2021 at 07:31PM
This is the most bipolar sub I've experienced on Reddit
A couple months back when things were hitting their ATHs, everyone was overly bullish. Rocket emojis and memes being thrown everything. Stuff such as "ETH to $10K 🚀🚀" and "$250K BTC" were being uttered every where. The only thing to hate on was dogecoin.Then let's rewind uptil a few days ago, the sentiment is COMPLETELY opposite. I'm seeing people say "crypto is done" and that "crypto is a scam", and posts like these being upvoted. People I've never seen here before immediately start popping up to say how the tech behind crypto is useless and how crypto isn't a useful asset. Then all the bears come out of hiding and start saying it will be "5-10 years" before we reach our previous ATHs.Saying stuff like this would have been absolutely cruficied during the bull run. Heck, you could be slightly bearish and people would be laughing at you.Yet the complete opposite starts happening during a crash? People who say things will recover or that the crash is short-lived are being called "delusional" and told to "cope" or that they're high on "hopium". And where were all the moon boys and pumpers? Real quiet. Most of them probably paperhanded and never returned.And now with a sign of recovery, they're back spamming the daily chat again. I was skeptical before, but now I'm actually convinced being on this sub is useless and promotes unnecessary stress. Despite the hate a lot of the YT'ers get, they're at least consistent.
Submitted June 29, 2021 at 05:31PM
Submitted June 29, 2021 at 05:31PM
Ethereum’s Daily Active Addresses Surpass Bitcoin for the First Time in Crypto History
https://ift.tt/2UDYtph
Submitted June 29, 2021 at 04:57PM
Submitted June 29, 2021 at 04:57PM
Secure your accounts, secure your investments
Hey guys,I'm going to leave this post up for a couple of days and afterwards I am going to delete it. Take notes. (EDIT: The reason why I want to delete this after a few days is to protect my own security habits. At some commenters' request I will leave it up for longer than a couple of days. Perhaps a couple of weeks then. Do know that this will be deleted eventually. Do not save this post, copy and paste it to your own notes.)So a lot of you are losing money by using poor cybersecurity practices. Most of my friends and people online say I'm a bit overkill and paranoid. I think everyone should be overkill and paranoid about their online security. Cybersecurity isn't "for the nerds" anymore. A lot of companies, governments and black hats are after your stuff for one reason or another and you need to wise up. "but i don't have anything to hide..." <- Zip it! Your computer and your phone hold more info than your closest friends. Believe me, you do have something to hide. That information can and will be used against you by anyone who can get to it.I decided to write a quick post giving you a layman's introduction to protecting your stuff and where you can further educate yourself. Without further ado, here's the paranoia guide to internet privacy and security, volume I:Passwords:Passwords are the keys to your stuff. You should never reuse passwords. You should only have one password, that is, the password of your password manager. That's it. Password managers are encrypted databases that hold your passwords and usernames, plus some extra notes if you wish. You use them by copying and pasting the info from the database to your login forms. They have specific security features for this purpose, therefore they're the right tool for this job (for instance, they clear your clipboard 15 seconds after you copied your login/password to prevent clipboard leak).You program your manager to create as complex of a password as you want, but I find that 15 characters long with numbers and special characters in the mix are the best, as in case you need to use an external computer, you don't wanna be spending too much time typing in a password manually.There are two types, offline and online. I prefer offline because I'm paranoid. Whatever is not in the cloud or accessible online is safer. If someone manages to hijack your browser or phish you, they may get access to your online manager. If someone manages to hack your account, they may get access to your online manager. Most people that use an online manager are fine. They have good programmers taking care of security. Still...My recommendations are: For online Bitwarden. It's open source and endorsed by the best cybersecurity nerds here on reddit. For offline, Keepass. Works with windows, you can put it in a flash drive and also works with android. Do put it in a dedicated flashdrive or two, because if your computer breaks, there goes all your passwords."But wasn't Keepass hacked?" <- No. The machine where they hacked keypass, using a program called keyfarse, was compromised. That brings me to:Machine security:A lot of you use windows. Linux is much safer, but also can be a PITA to use sometimes. If you're gonna use windows (which I also do), make sure to use an antivirus and run regular scans (at least once a month). Which ones? Avast, karspersky, bitdefender, eset are the most recommended ones. Pair it up with malware bytes for a beefed up malware defense as well. ccleaner is great to tune up your machine, but I also use it to remove start up programs easily, in order to kill bloatware or infection vectors.However like my cybersecurity teacher once told me, an antivirus is something that will protect you after you already messed up. It's a cure, not a defense. Someone has to get infected in order for the programmers to create a defense for it. So your true line of defense are your internet habits. Make sure your machine is updated. A lot of security holes are constantly being patched around the clock and delivered to you via updates. Updating is a slog, but it is important.Also, a lot of infection vectors come from pirated software and games. DYOR on the best piracy practices here on reddit (I shall say no more, nor link any more websites because I know some mods are touchy with it).Browser:A lot of people use chrome. Some people are into brave. I personally recommend Firefox. Firefox is the tried and true staple of anonymity and cyber security. It might not give you tokens, but hey it's pretty good at what it does. The default firefox is pretty good, but using extensions makes it perfect. Go into security settings, set up Do not track, HTTPS everywhere and jack up browser security to strict. Disable autofill, disable save passwords and logins (that's what the manager's for). I use the same on my android phone. For your phone you'll have to copy your keepass database manually using a cable every time you update it. PROTIP: You can save your address/cc card as a login info for easy form filling. You can also save your cc card expiration date and emergency numbers too, in case your card gets stolen you can cancel it quickly.Extensions:I recommend you install ublock origin (I know, I know, support websites. However, ads are a massive vector of malware. You can always unblock your favorite sites), privacy badger, privacy possum (anti trackers), multiaccount containers and descentraleyes. On android there's no option for HTTPS everywhere, so you should use the extension HTTPS everywhere. Every extension has an explanation page, but if you wanna know more, I can give you the quick version. Just ask.If you're good with computers, noscript and cleanlinks are good choices. The reason I say "if you're good with computers" is because these two extensions will break everything. Malware runs on scripts and trackers track you on tracking links, but so do normal website operations.2FA:Do not use sms 2FA. Several people have come here and to other cybersecurity subreddits because they were hacked this way. Your sim card can be cloned and someone else can get the same sms as you. In a pinch, you can use google authenticator, but what you should actually be using is yubikeys. Yubikeys are 2FA devices that will unlock your account via USB or via NFC. They're great, unhackable (so far), portable, offline, safe and only cost 50 bucks. Have more than one, because if your single yubikey breaks, then you have another. Yes, you can attach more than one key to your account. They work with most of the popular services (google, microsoft, amazon, facebook, instagram, etc...) and, best of all, they work with keepass.E-mail:Have a secret e-mail that no one knows about and use it as a recovery e-mail in case all else fails. I personally use protonmail for my secret recovery e-mail. It also gets the e-mails in case my main e-mails gets an unauthorized access.Likewise have a crap e-mail that you give to everyone who gatekeeps you from accessing what you want in exchange for an e-mail. I check that one once per give away, to confirm the link they send me. You can set up filters to forward the stuff you need easily.Never click on links on your e-mail. Got an e-mail from Netflix? Manually use your browser to get to Netflix.Reduce social engineering sources:I don't know how you feel about social media, however I hacked my first account at 13 using info I got from social media of a friend. How did I do that? Well his security question was "what color is my house" and his profile pic was in front of his house. I didn't mess (too much) with his account, but it shows how easy it is to gather info from your social media and use it against you. Be careful with what you put on social media. Another way I can easily steal your info is if you use my computer and I change the save login and password settings to save yours. Check the browser you are using and make sure your info isn't being stolen. Nevertheless a keylogger can be running in the background, so better yet, do not put your credentials in a computer that you yourself aren't managing. Do not open, under any circumstances, your keepass database in a computer that you aren't managing. Also be aware of running your mouth on social media, particularly on reddit. Your post history is not private. You only need so many crumbs to pull off social engineering hacks. Loose lips sink ships!Crypto:Ok now onto crypto. As you are well aware, the best crypto storage device is a hardware wallet, like a Ledger or a Trezor. Do use a passphrase. As for your security key, keep it in a steel wallet. They are impervious to fires, floods and kind of secure but also super obvious to who's in crypto. If you're a digital nomad and you're roaming around, perhaps writing it in somewhere clever, say, a book, might be better to get through airport security. If you wanna store your mnemonic extra securely, I recommend several steel wallets and using Shamir's secret sharing technique using slip-0039. In short, it allows you to spread your seed over, say, 3 cards and you need all 3 to reset your hardware wallet. That means you can entrust those cards to someone (responsible, so they don't lose it) and they can't do anything with it. Or you can have 5 cards and need 3 out of 5 to get to your mnemonic. DYOR about SSS using Slip-0039.What you should not do is invent your own cryptographic scheme (unless you're some sort of cryptographic genius) because you will create something that's less secure than what's out there, easier to crack and, worse even, you might forget what was your scheme.VPN:Tom Scott published a video saying VPNs were less useful than you might think and mocking adverts of VPNs. I recommend you watch it on Youtube for impartiality's sake. I honestly don't agree with it. I mean, he has many good points, browser security is pretty good nowadays and VPNs can be redundant. However, governments can still know which websites you're visiting and can keep you from accessing certain websites you want to access. Corporations will also have a harder time pinning you down with a VPN. I recommend a VPN. Personally i use wevpn, because it's super cheap. It costs money, but it removes internet gatekeepers and gives you that extra privacy bump. Do remember to rotate servers to try and mitigate the risk of landing on a compromised VPN server.There's so much more that I'd love to tell you but it's getting pretty long. I didn't cover cloud services and hard drive encryption. Some other time perhaps.More info: r/privacy r/europrivacy r/cybersecurity r/privacytoolsioKeep yourself safe and anonymous. I'm open to suggestions and criticisms, so if your method is better than my method, please share your method so I can use it too. Feel free to copy and paste it, even if you do not credit me. It's not a paranoia guide that's gonna make me famous.PS: This is advice for accessing the clear web. This is inadequate advice to access the darknet (because it's not relevant for this sub).
Submitted June 29, 2021 at 12:36PM
Submitted June 29, 2021 at 12:36PM
Please don't take a loan to buy crypto
I believe we will continue with the bull run soon enough (I may be wrong). During bull runs a lot of newcomers tend to join in the crypto space because of all the hype and FOMO like there is no tomorrow.Instances like this will show people at their greediest and often we let this emotion take the better of us. However, pleases DO NOT TAKE OUT LOANS TO BUY CRYPTO! You should only invest with money you afford to lose. If you lose it, it's okay no biggie. However, if you take a loan of any sort and the cryptos you bought drop then that is not a sight anyone wants to see.During any bull cycle, there will be an influx of people joining in. They want to make those sweet sweet gains too. If you have any friends or family who will do something like this please do tell them not to.Please educate the newcomers and tell them not to go FOMO when the market is skyrocketing, there will always be dips (I have learnt this the hard way).If you spend what you CAN'T afford to lose, you are just gambling and you may be in for some bad news.
Submitted June 29, 2021 at 08:45AM
Submitted June 29, 2021 at 08:45AM
Craig Wright has got a court order to get Bitcoin.org to remove the Bitcoin Whitepaper. Well, here is a website craigwrightisnotsatoshi.com that now hosts the Bitcoin Whitepaper.
https://ift.tt/3hjKPPZ
Submitted June 29, 2021 at 06:27AM
Submitted June 29, 2021 at 06:27AM
The entire movement around crypto is to move AWAY from government control…
So I refuse to buy GOVERNMENT backed “digital yuan” or “digital dollar” or ANY large corporation sponsored crypto like HBAR and anything else that decides to pass in front of me. I suggest you do the same or we’re spinning our wheels here guys
Submitted June 29, 2021 at 08:10AM
Submitted June 29, 2021 at 08:10AM
I officially only look at my wallets on Mondays and Fridays. My stress level has dropped dramatically.
It’s been a rough start to the summer, family. I, as most Americans now, have a phone in my hand at all times. That means constantly staring at my wallet, waiting for that first million.My family was frustrated by my frustration. I knew I needed something to change so I started with something simple- stop looking at the damn charts. And holy shit, all I see is green now. Sure, sometimes it’s a little red but it feels like crypto used to feel- exciting, fun, and like I made the right decision.Give yourself a break. You made the right investment as long as you’re still paying your bills. I believe in crypto, so why would I question it?
Submitted June 29, 2021 at 03:49AM
Submitted June 29, 2021 at 03:49AM
Will you get detected at the airport smuggling a Ledger X inside your body ?
Let's say I don't trust customs, I want to make sure my cold storage travels with me. I don't want it to be accessible under any circumstance of me being compromised.A Ledger X is relatively small and would fit quiet nicely.Will the metal detector be able to recognize that piece of hardware in my ass and if so, what would be the consequences if that were to happen?If anyone has any experience with carrying a cold storage device in your ass, I'd be happy for any insights.
Submitted June 29, 2021 at 06:56AM
Submitted June 29, 2021 at 06:56AM
Cathie Woods' ARK Invest has filed with the SEC for a Bitcoin ETF
https://ift.tt/3qzbA6Z
Submitted June 29, 2021 at 03:31AM
Submitted June 29, 2021 at 03:31AM
Daily Discussion - June 29, 2021 (GMT+0)
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.Disclaimer:Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.Rules:All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.Discussion topics must be related to cryptocurrency.Behave with civility and politeness. Do not use offensive, racist or homophobic language.Comments will be sorted by newest first.Useful Links:Beginner ResourcesIntro to r/Cryptocurrency MOONs 🌔MOONs Wiki PagerCryptoCurrency Discordr/CryptoCurrencyMemesPrior Daily DiscussionsMonthly Skeptics Discussion thread
Submitted June 29, 2021 at 07:00AM
Submitted June 29, 2021 at 07:00AM
Coinbase CEO Brian Armstrong says the goal is for the crypto exchange to list every asset that is legally possible
https://ift.tt/3AatIIM
Submitted June 29, 2021 at 02:56AM
Submitted June 29, 2021 at 02:56AM
One of the largest owners of bitcoin, who reportedly held as much as $1 billion, is dead at 41
https://ift.tt/3x4AsWL
Submitted June 29, 2021 at 02:12AM
Submitted June 29, 2021 at 02:12AM
I configured a crypto trading bot to buy crypto based on Reddit post sentiment from relevant subreddits, it's running right now and just bought me Bitcoin. The code is open-sourced.
I mainly built this for fun, and as a coding challenge, as I'm not sure how viable it would be to base my investing decisions based on the Reddit hive-mind. But having said that, I will test the tool out and see what it can do - who knows, maybe among all the shills and moon-farmers is where insight truly lives.Here's a little bit about how it works:It's a trading bot that analyses reddit post sentiment and automatically buys the coins mentioned in the post. So it checks if the post title and body talk positively about x coin, and if that's the case it goes ham on that coin.But it only does this for coins I tell it to look out for: by default it will only check BTC and ETH but you can add any number of keywords. This is built in to discourage shill exploits.It also comes with several customisation options so you can choose how you want to use this:Which subreddits it should look for (by default it checks r/Cryptocurrency and a couple others)How to sort posts (hot by default)How many posts from each sub will be analysed (by default 10)What keywords it should be looking out for (default: Bitcoin and Ethereum)You can also specify how often to check for posts, as well as the size of each trade placed.I added a test mode so it can just simulate trades, so you can see how it would work in a live market, but without using real funds.I just let it run in test mode now and here's the output:New posts detected, fetching new posts...Found matching keywords with the following sentiments: {'BTC': 0.01482083333333333, 'ADA': 0.0}BTC sentiment is positive: 0.01482083333333333, preparing to buy...PLACING TEST ORDEROrder created with 0.000439 on BTCSentiment for ADA is negative or ADA is currently in portfolioHere's my test order stored locally so that I can track the results. It bought Bitcoin hah.{"BTC": {"symbol": "BTCUSDT","price": "34170.99000000","volume": 0.000439,"time": 1624904258.977829}}You can also change the pairing to something other than USDT ;)And here's an example of how posts are being stored:{"title": "SafeDollar \u2018stablecoin\u2019 drops to $0 following $248 million DeFi exploit on Polygon", "subreddit": "Cryptocurrency", "body": ""},It has no body as it's a link. Though you can see that it ignored SafeDollar and only picked BTC and ADA as these are two of the keywords I have chosen for it.The bot will also stop from buying or analysing posts while the same posts are in top/hot, to avoid re-buying on the same signal.Here's the GitHub repo for the project:https://ift.tt/3djMzax I also made a guide on how to set this up and get it running if you need more info:https://ift.tt/3y4US29
Submitted June 29, 2021 at 01:29AM
Submitted June 29, 2021 at 01:29AM
Bitcoins Whitepaper is now being Censored across the Internet (even on Bitcoin.org)
Bitcoins whitepaper is now being censored across the internet by Craig Wright, who claims to be Satoshi Nakamoto. Now the owner of Bitcoin.org is forced to pay at least $48,600 and remove the whitepaper from the website. Wright is nowhere in the community accepted as being the person behind Satoshi, but he abuses the legal system to claim this. He is also promoting his own (unsuccesful, its more than 200 times smaller than Bitcoin) shitcoin and tries to harm the classic Bitcoin as much as possible. Download Bitcoins whitepaper here and tell people that he is not Satoshi if they claim he is.
Submitted June 29, 2021 at 12:17AM
Submitted June 29, 2021 at 12:17AM
Had to tell my family about the crypto I have...
So i been having crypto since 2017, never told my family since then and its been easy since they never asked. But you can already guess what happened. Nowadays there are a lot of Bitcoin ads on tv, so you can guess what happened... We were watching the European football championship and in the half time there was an Bitcoin ad. Then they immediately asked me if I owned Bitcoin cause they thought if someone in the family would own Bitcoin it would be me. And i had to tell Them I do, didn't want to lie to Them. Now Lets hope they dont invest because of me or keep laughing when btc goes down. Most family members were saying i was foolish and Being inresponsible, saying they thought i was smarter than this. That's why i wish i didn't tell, but otherwise one Day they would have found out anyway and didn't feel like lying🥺
Submitted June 28, 2021 at 08:54PM
Submitted June 28, 2021 at 08:54PM
I am leaving.
The reason why I am leaving is that I am currently a student that is studying and have been too distracted about crypto and it looks like I would need to stop caring about my investments. Therefore, I think It would be wise for me to put in as much money as possible before I leave for real. I have bought the recent dip with almost most of my money and I am sure that I would not need the money for a long time. Cryptocurrency has brought emotional stress for me and I think that it is unhealthy for my mental health. Studying has already made me feel stressed out and in addition to cryptocurrency, this has made me feel like shit for the past months. Therefore I am gonna leave and come back when I graduate. The moons I have on this post will also not be touched for a couple of years. See you guys when 2024 starts. (the start of the next bull run). I am looking forward to that day :)Thanks, everyone for the support for the past months. I appreciate it. It has been a fun ride with you guys. Gonna delete Reddit and my exchange :)The coins I'm currently holding is Btc, Eth,Ada if you guys are wonderingEDIT : Thanks for the tips guys!
Submitted June 29, 2021 at 01:01AM
Submitted June 29, 2021 at 01:01AM
If you think bitcoin is only used by criminals, wait until you hear that banks help launder $2 trillion every year.
Bitcoin being used by criminals is still some of the most long-lived FUD out there. It is something that still often comes up today when I hear people who don't like crypto talk about Bitcoin and is often cited as a reason not to invest.
Submitted June 28, 2021 at 11:59PM
Submitted June 28, 2021 at 11:59PM
Coinbase has become the first company to receive a crypto custody license from Germany’s Financial Supervisory Authority
https://ift.tt/3hcJvOS
Submitted June 28, 2021 at 10:56PM
Submitted June 28, 2021 at 10:56PM
Coin Bureau has just surpassed Bitboy in Subscribers 🎉
Our guy, Guy, has just surpassed Shitboy. He truly deserves this for providing us with objective, easy to understand quality content and still not putting any ads in his videos. He deserves this for never shilling us a shitcoin.He was my entry into understanding cryptocurrency. He goes into detail and explains complex crypto projects in a simple, digestable format. I feel smart watching his videos. Highly recommend for begginers. If you haven't already, Go check him out.
Submitted June 28, 2021 at 11:23PM
Submitted June 28, 2021 at 11:23PM
My friends sold at a loss and are now blaming me for not stopping them.
I told my friends and relatives about crypto back in March. And they bought shit tonnes of it without any research. They would, again and again, ask for my assurance for their money, as if I was the one responsible for their profits. Fast forward to June and almost all their coins are in deep red. And I have hundreds of hateful messages from my OWN relatives and friends. They accused me of scamming them and one even asked me if I was the one who stole their money. Most of them sold everything last week, taking heavy losses. And today I wake up and see that one of the shit coin they bought (won't mention the name to avoid shilling) has risen almost 20%. And you know what, they are again texting me and ranting about how I didn't force them to not sell since I was an "expert".TLDR : Never f*cking talk about crypto with ANYONE. You'll only end up making you look like a moron.
Submitted June 28, 2021 at 09:37PM
Submitted June 28, 2021 at 09:37PM
Mark Cuban on Crypto 2 years ago: "I'd rather have bananas, I can eat bananas"
https://twitter.com/forbescrypto/status/1179769969246121986?lang=de
Submitted June 28, 2021 at 07:58PM
Submitted June 28, 2021 at 07:58PM
This sub is a dangerous echo chamber, where wishful-thinking gains large exposure
I've made several caution type posts, advising to keep a level head during high volatility and maybe not go full yolo when ETH is 4k. They were all downvoted into oblivion.If I've learned anything here from this sub, it's that posting something "bearish" or just raising risk-awareness, is usually not welcome here.Any comment I made in the daily thread about selling got hit by the downvote army.On the other hand, any bullish news will get tons of upvotes, oftentimes even posts with as little content as "xxx-army", "hold the line",...This leads to a dangerous echo chamber effect, where bullish news gains increasing visibility due to the reddit algo deciding which posts & comments to display. Being cautiously level-headed gets at most a controversial flag.Please be cautious and try to come to your own conclusions with all the news that's flying around here.
Submitted June 28, 2021 at 07:29PM
Submitted June 28, 2021 at 07:29PM
The BBC and crypto FUD
Although it's not perfect, the BBC is generally more reliable than most big media outlets, but over the past few years I've been sorely disappointed in its coverage of crypto (focused 99% on BTC). Today was a pretty good example.They ran this story with the headline:Binance: Financial watchdog FCA bans crypto-currency exchangeIt's a pretty startling piece of news to read first thing in the morning, and a bit surprising too. The first line goes:Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator.One could be forgiven for thinking that Binance was now banned in the UK. You have to read 'til about halfway through the article to find that all of the stuff that came before it was pure FUD:This means that people in the UK are not allowed to use Binance's services to speculate, or bet, on whether the price of a crypto-currency like Bitcoin goes up or down.However, they are still allowed to use the website to purchase and sell crypto-currencies, which is not regulated, crypto-currency analyst Colin Stone told the World Business Report programme on BBC World Service.So is Binance banned in the UK? No. Leverage trading is banned - just one of the many services that Binance provides. This is just one in a litany of articles demonstrating a shocking anti-crypto bias from the BBC.A few weeks ago, they ran a story about how Bitcoin was to blame because a woman sent all her life savings to a man pretending to be [insert name of Doge-loving billionaire douchelord]. An internet scammer told her that if she sent him money, he would send back even more.When there's positive news about Bitcoin, they ignore it or distort it to remind the public that crypto is all a scam, and whenever something mildly bad happens, they blow it out of all proportion.Shame on the BBC for this irresponsible behaviour. I know they are not the only news outlet that does this, but I would have expected better from them.
Submitted June 28, 2021 at 03:40PM
Submitted June 28, 2021 at 03:40PM
If you're young and thinking of investing in crypto, please take a second to read this.
I'm sure this will sound pedantic but with all the excitement lately, I'm seeing a lot of posts from people in their 20's and even teens talking about investing large sums in crypto. Please keep in mind that this is a high risk.That's not to say you shouldn't take some of your hard-earned money, do your research and get involved. This community is amazing, dynamic and there's a ton of potential to make great returns. However, high-risk investments should never be your whole portfolio. It should be the smallest part.Make sure that you're setting aside money in a Roth IRA, contributing to your 401k, Vanguard funds, etc. The boring stuff. The stuff that grows slowly over a lifetime. Don't just diversify your coins, diversify your whole portfolio. It's something I certainly wish I'd tackled at a much younger age. Believe me, you'll thank me later.
Submitted June 28, 2021 at 03:40PM
Submitted June 28, 2021 at 03:40PM
How Does the Blockchain Work? Blockchain technology explained in simple words
TL;DR : Everything you need to know about Blockchain,How the Blockchain system works,the security of the network,Blockchain Ledger,Bitcoin Mining in simple wordsBlockchain technology is probably the best invention since the internet itself. It allows value exchange without the need for trust or a central authority. Imagine you and I bet $50 on tomorrow’s weather in San Francisco. I bet it will be sunny, you that it will rain. Today we have three options to manage this transaction:-We can trust each other. Rainy or sunny, the loser will give $50 to the winner. If we are friends, this could be a good way of managing it. However, friends or strangers, one can easily not pay the other.-We can turn the bet into a contract. With a contract in place both parties will be more prone to pay. However, should either of the two decide not to pay, the winner will have to pay additional money to cover legal expenses and the court case might take a long time. Especially for a small amount of cash, this doesn’t seem like the optimal way to manage the transaction.-We can involve a neutral third party. Each of us gives $50 to a third party, who will give the total amount to the winner. But hey, she could also run away with all our money. So we end up with one of the first two options: trust or contract.Neither trust nor contract is an optimal solution: We can’t trust strangers, and enforcing a contract requires time and money. The blockchain technology is interesting because it offers us a third option which is secure, quick, and cheap.Blockchain allows us to write a few lines of code, a program running on the blockchain, to which both of us send $50. This program will keep the $100 safe and check tomorrow’s weather automatically on several data sources. Sunny or rainy, it will automatically transfer the whole amount to the winner. Each party can check the contract logic, and once it’s running on the blockchain it can’t be changed or stopped. This may be too much effort for a $50 bet, but imagine selling a house or a company.This explains how the blockchain works without discussing the technical details in depth, but by digging just enough to give you a general idea of the underlying logic and mechanisms.The Basics of BitcoinThe most known and discussed application of the blockchain technology is bitcoin, a digital currency that can be used to exchange products and services, just like the U.S. dollar, euro, Chinese yuan, and other national currencies. Let’s use this first application of the blockchain technology to learn how it works.One bitcoin is a single unit of the Bitcoin (BTC) digital currency. Just like a dollar, a bitcoin has no value by itself; it has value only because we agree to trade goods and services to bring more of the currency under our control, and we believe others will do the same. To keep track of the amount of bitcoin each of us owns, the blockchain uses a ledger, a digital file that tracks all bitcoin transactions.The ledger file is not stored in a central entity server, like a bank, or in a single data center. It is distributed across the world via a network of private computers that are both storing data and executing computations. Each of these computers represents a “node” of the blockchain network and has a copy of the ledger file.If David wants to send bitcoins to Sandra, he broadcasts a message to the network that says the amount of bitcoin in his account should go down by 5 BTC, and the amount in Sandra’s account should increase by the same quantity. Each node in the network will receive the message and apply the requested transaction to its copy of the ledger, updating the account balances.Transaction request message simplified The fact that the ledger is maintained by a group of connected computers rather than by a centralized entity like a bank has several implications:-In our bank system we only know our own transactions and account balances; on the blockchain everyone can see everyone else’s transactions.-While you can generally trust your bank, the bitcoin network is distributed and if something goes wrong there is no help desk to call or anyone to sue.-The blockchain system is designed in such a way that no trust is needed; security and reliability are obtained via special mathematical functions and code.-We can define the blockchain as a system that allows a group of connected computers to maintain a single updated and secure ledger. In order to perform transactions on the blockchain, you need a wallet, a program that allows you to store and exchange your bitcoins. Since only you should be able to spend your bitcoins, each wallet is protected by a special cryptographic method that uses a unique pair of distinct but connected keys: a private and a public key.If a message is encrypted with a specific public key, only the owner of the paired private key can decrypt and read the message. The reverse is also true: If you encrypt a message with your private key, only the paired public key can decrypt it. When David wants to send bitcoins, he needs to broadcast a message encrypted with the private key of his wallet. As David is the only one who knows the private key necessary to unlock his wallet, he is the only one who can spend his bitcoins. Each node in the network can cross-check that the transaction request is coming from David by decrypting the message with the public key of his wallet.When you encrypt a transaction request with your wallet’s private key, you are generating a digital signature that is used by blockchain computers to verify the source and authenticity of the transaction. The digital signature is a string of text resulting from your transaction request and your private key; therefore it cannot be used for other transactions. If you change a single character in the transaction request message, the digital signature will change, so no potential attacker can change your transaction requests or alter the amount of bitcoin you are sending.Digital Signature transaction encryption simplified :To send bitcoin you need to prove that you own the private key of a specific wallet as you need the key to encrypt your transaction request message. Since you broadcast the message only after it has been encrypted, you never have to reveal your private keyTracking Your Wallet BalanceEach node in the blockchain is keeping a copy of the ledger. So, how does a node know your account balance? The blockchain system doesn’t keep track of account balances at all; it only records each and every transaction that is verified and approved. The ledger in fact does not keep track of balances, it only keeps track of every transaction broadcasted within the bitcoin network. To determine your wallet balance, you need to analyze and verify all the transactions that ever took place on the whole network connected to your wallet.Blockchain LedgerThis “balance” verification is performed based on links to previous transactions. In order to send 10 bitcoins to John, Mary has to generate a transaction request that includes links to previous incoming transactions that add up to at least 10 bitcoins. These links are called “inputs.” Nodes in the network verify the amount and ensure that these inputs haven’t been spent yet. In fact, each time you reference inputs in a transaction, they are deemed invalid for any future transaction. This is all performed automatically in Mary’s wallet and double-checked by the bitcoin network nodes; she only sends a 10 BTC transaction to John’s wallet using his public key.Blockchain transaction request structureSo, how can the system trust that input transactions are valid? It checks all the previous transactions correlated to the wallet you use to send bitcoins via the input references. To speed up the verification process, a special record of unspent transactions is kept by the network nodes. Thanks to this security check, it is not possible to double-spend bitcoins. Owning bitcoins means that there are transactions written in the ledger that point to your wallet address and haven’t been used as inputs yet. All the code to perform transactions on the bitcoin network is open source; this means that anyone with a laptop and an internet connection can operate transactions.However, should there be a mistake in the code used to broadcast a transaction request message, the associated bitcoins will be permanently lost.Remember that since the network is distributed, there is no customer support to call nor anyone who could help you restore a lost transaction or forgotten wallet password.But Is It Really Safe? And Why Is It Called Blockchain?Anyone can access the bitcoin network via an anonymous connection (for example, the TOR network or a VPN network), and submit or receive transactions revealing nothing more than his public key. However if someone uses the same public key over and over, it’s possible to connect all the transactions to the same owner. The bitcoin network allows you to generate as many wallets as you like, each with its own private and public keys. This allows you to receive payments on different wallets, and there is no way for anyone to know that you own all these wallets’ private keys, unless you send all the received bitcoins to a single wallet.The total number of possible bitcoin addresses is #2¹⁶⁰ or #146150163733090291820368483271628301965#5932542976.This large number protects the network from possible attacks while allowing anyone to own a wallet.How do you know which transaction has been requested first?It’s not secure to order the transactions by timestamp because it could easily be counterfeit. Therefore, there is no way to tell if a transaction happened before another, and this opens up the potential for fraud. If this happens, there will be disagreement among the network nodes regarding the order of transactions each of them received. So the blockchain system has been designed to use node agreement to order transactions and prevent the fraud described above. The bitcoin network orders transactions by grouping them into blocks; each block contains a definite number of transactions and a link to the previous block. This is what puts one block after the other in time. Blocks are therefore organized into a time-related chain that gives the name to the whole system: blockchain.The block chain sequence structure simplified Transactions in the same block are considered to have happened at the same time, and transactions not yet in a block are considered unconfirmed. Each node can group transactions into a block and broadcast it to the network as a suggestion for which block should be next. Since any node can suggest a new block, how does the system agree on which block should be the next?To be added to the blockchain, each block must contain the answer to a complex mathematical problem created using an irreversible cryptographic hash function. The only way to solve such a mathematical problem is to guess random numbers that, combined with the previous block content, generate a defined result. It could take about a year for a typical computer to guess the right number and solve the mathematical problem. However, due to the large number of computers in the network that are guessing numbers, a block is solved on average every 10 minutes. The node that solves the mathematical problem acquires the right to place the next block on the chain and broadcast it to the network.And what if two nodes solve the problem at the same time and send their blocks to the network simultaneously? In this case, both blocks are broadcast and each node builds on the block that it received first. However, the blockchain system requires each node to build immediately on the longest blockchain available. So if there is ambiguity about which is the last block, as soon as the next block is solved, each node will adopt the longest chain as the only option.End of chain ambiguity logic :Due to the low probability of solving blocks simultaneously, it’s almost impossible that multiple blocks would be solved at the same time over and over, building different “tails,” so the whole blockchain stabilizes quickly to one single string of blocks that every node agrees on. A disagreement about which block represents the end of the chain tail opens up the potential for fraud again. If a transaction happens to be in a block that belongs to a shorter tail once the next block is solved, this transaction, along with all others in its block, will go back to the unconfirmed transactions.Transactions in the Bitcoin blockchain system are protected by a mathematical race: Any attacker is competing against the whole network.Let’s see how Mary could leverage this end-of-chain ambiguity to perform a double-spending attack. Mary sends money to John, John ships the product to Mary. Since nodes always adopt the longer tail as the confirmed transactions, if Mary could generate a longer tail that contains a reverse transaction with the same input references, John would be out of both his money and his product.Mary’s double-spending attackHow does the system prevent this kind of fraud? Each block contains a reference to the previous block.That reference is part of the mathematical problem that needs to be solved in order to spread the following block to the network. So, it’s extremely hard to pre-compute a series of blocks due to the high number of random guesses needed to solve a block and place it on the blockchain. Mary is in a race against the rest of the network to solve the math problem that allows her to place the next block on the chain. Even if she solves it before anyone else, it’s very unlikely she could solve two, three, or more blocks in a row, since each time she is competing against the whole network.Could Mary use a super fast computer to generate enough random guesses to compete with the whole network in solving blocks?Yes, but even with a very, very fast computer, due to the large number of members in the network, it’s highly unlikely Mary could solve several blocks in a row at the exact time needed to perform a double-spending attack. She would need control of 50 percent of the computing power of the whole network to have a 50 percent chance of solving a block before some other node does — and even in this case, she’d only have a 25 percent chance of solving two blocks in a row. The more blocks to be solves in a row, the lower the probability of her success.Therefore, transactions grow more secure with time. Those included in a block confirmed one hour ago, for example, are more secure than those in a block confirmed in the last 10 minutes. Since a block is added to the chain every 10 minutes on average, a transaction included in a block for the first time an hour ago has most likely been processed and is now irreversible.Bitcoin MiningIn order to send bitcoins, you need to reference an incoming transaction to your own wallet. This applies to every single transaction across the network. So, where do bitcoins come from in the first place? As a way to balance the deflationary nature of bitcoin due to software errors and wallet password loss, a reward is given to those who solve the mathematical problem of each block. The activity of running the bitcoin blockchain software in order to obtain these bitcoin rewards is called “mining”Rewards are the main incentive for private people to operate the nodes, thus providing the necessary computing power to process transactions and stabilize the blockchain network. Because it takes a long time for a typical computer to solve a block (about one year on average), nodes band together in groups that divide up the number of guesses to solve the next block. Working as a group speeds up the process of guessing the right number and getting the reward, which is then shared among group members. These groups are called mining pools.
Submitted June 28, 2021 at 02:50PM
Submitted June 28, 2021 at 02:50PM
SafeDollar ‘stablecoin’ drops to $0 following $248 million DeFi exploit on Polygon
https://ift.tt/3dlz7mu
Submitted June 28, 2021 at 04:38PM
Submitted June 28, 2021 at 04:38PM
Governments Planning Global Coordinated Regulation of Crypto Currencies From October 2021 Onwards [Due Diligence]
The worlds’ wealthiest nations are aiming for cryptos, restricting, amongst others, the following:Peer-to-Peer Transactions;Stablecoins;Private wallets (cold storage, phone and desktop apps);Privacy (privacy coins, mixers, Decentralized exchanges, use of TOR and I2P);Former ICOs and Future Projects (DeFi, NFT, smart contacts, second layer solutions, and much more).In addition, these new regulations intend to:Force those active in crypto to be licensed and regulated as banks (responsible for KYC and transaction tracking);Create full transparency for ALL transactions;Exclude and freeze assets of persons, activities, and countries labeled a “risk;”Force the inclusion of user information with all transactions;Revoke the license of those who don’t comply.In short: they want to change the way the space can operate. As you’ll discover, the regulation rolled out aim to create a system of complete transparency and control.At the same time, regulatory clarity could pave the way for the next stage of adoption.What Can You Get from This Due DiligenceFor years, we wondered if governments would “ban Bitcoin.” As it turns out, they will not. Instead, they intent to simply absorb cryptos into the existing regulated financial system.This due diligence is based on new international regulations. This DD reveals exactly what the coming regulations mean for cryptos, who is behind them, and how they will be implemented. Next, this DD highlights the most revealing and stunning clauses. And finally, it summarizes which activities are likely to thrive and which are bound to suffer, so that you can prepare yourself.Why Now?In 2018, the news that Facebook was creating a crypto currency shocked international regulators. Until then, they didn’t see cryptos as a risk to the stability of the global financial system. However, Libra, the coin Facebook proposed, was a so-called stablecoin; it maintains its value relative to fiat currencies such as the USD. They quickly realized what would happen when a company with a billion users creates an instant payment system that is cheaper, faster and more user-friendly than the current financial system.This topic was discussed at the highest levels of government; the G20, an international forum for the governments and central bank governors from 19 countries and the European Union. They engaged an organization called the Financial Action Task Force (FATF).This organization has passed similar legislation for banking and financial service providers around the world. They are responsible for the fact that all crypto-currency exchanges where fiat is exchanged for cryptos have the same KYC and anti-money laundering requirements as banks. Now, they are going to use this framework to focus on the elements of the industry currently outside their control, and declare what is, and isn’t acceptable.New Guidance on Bitcoin and CryptosThe latest draft guidance of the FATF, to be implemented in July 2021, is called “Guidance for a risk-based approach to virtual assets and VASPs” (GVA) [1]. This DD is based on this GVA.As you will learn, they have a deep understanding of what is happening in the space. Moreover, they take the expansive view that “most arrangements currently in operation,” including “self-categorized P2P platforms” may have a “party involved at some stage of the product’s development and launch” who will be covered by this new legislation. (GVA, p29)Why do the FATF regulations have global reach?Since FATF isn’t an official government agency of any country, they cannot create law. They issue what is known as “soft-laws”: recommendations and guidance. Only when this guidance is implemented in the laws of the countries, they become “hard-laws” with real power.In theory, they are thus subjected to the formal law-making process of law-giving countries. However, countries that don’t participate are placed on a list of “non-cooperative jurisdictions.” They then face restricted access to the financial system and ostracism from the international community. For this reason, almost all nations implement these recommendations.It also must be said that national governments, especially in the Western world, highly value this kind of international cooperation and the power it gives them. Many such treaties are passed into law with little opposition or delay.Once these treaties are accepted, they become part of a body of law called international law, a type of law in many cases superseding national laws. Unknown to the general public, international law is increasingly being used as a backdoor for passing invasive regulations such as these.It must be noted that people working for this Paris-based organization are faceless bureaucrats who have not been elected, their procedures and budget are not subjected to democratic oversight, and they are almost impossible to remove from power. Like most international organizations, they fall under the Vienna Conference on Diplomatic Intercourse and Immunities.[2] As such, they enjoy immunity for their actions, are exempt from administrative burdens in the countries they are active, such as taxes, and free from most COVID travel restrictions.When will this “Guidance” be Implemented?The GVA was published in March to be subjected to public consultation. This gives it the appearance of the public having a say in the implementation of it, but when you read it carefully they will consider feedback only on “relevant issues” they themselves selected. Other feedback might be considered in the next review in 12 months (by then, most current recommendations will likely have been passed into law). In other words, this will be it, with minor adjustments.June 2021 FATF previewed all feedback and July 2021 these new “recommendations” would become official. However, last Friday, June 25, FATF postponed the finalization of the recommendations to October 2021. From that day forwards, we can expect these recommendations to start being implemented in our national legal systems, and as such, start affecting our lives.This process has been successfully used in the banking system and tax systems―it is now coming for crypto. It is worth noting that individual countries might decide on even more specific or explicit prohibitions on top of this. It is also worth noting that these regulations do not apply to central bank-issued digital currencies.How Will Cryptos Be Regulated?Before we can understand how FATF proposes to regulate cryptos, we must learn what they mean when they talk about a Virtual Asset:“A virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations.” (GVA, p98)Cryptos will not be outright banned. They will be regulated via an indirect method; those who facilitate virtual asset transactions, are designated as a Virtual Asset Service Provider, or VASP.Next, all VASPs will be subjected to similar regulation as banks. The definition of VASP is so wide that most current projects in the crypto space are covered by it.Definition of a VASP:*“*VASP: Virtual asset service provider means any natural or legal person who [...] as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person:exchange between virtual assets and fiat currencies;exchange between one or more forms of virtual assets;transfer of virtual assets (In this context of virtual assets, transfer means to conduct a transaction on behalf of another natural or legal person that moves a virtual asset from one virtual asset address or account to another.);safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; andparticipation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.” (GVA, p18)Many Organizations and Individuals Will Be Designated as VASPs:A VASP is any natural or legal person, and “the obligations in the FATF Standards stem from the underlying financial services offered without regard to an entity’s operational model, technological tools, ledger design, or any other operating feature.” (GVA, p21)The expansiveness of these definitions represents a conscious choice by the FATF. “Despite changing terminology and innovative business models developed in this sector, the FATF envisions very few VA arrangements will form and operate without a VASP involved at some stage.” (GVA, p29)For those wondering if they are a VASP, the following general questions can help guide the answer:“who profits from the use of the service or asset;who established and can change the rules;who can make decisions affecting operations;who generated and drove the creation and launch of a product or service;who possesses and controls the data on its operations; andwho could shut down the product or service.Individual situations will vary and this list offers only some examples.” (GVA, p30)What Are VASPs Obliged to Do?All VASPs will be forced to implement KYC legislation and monitor transactions. They become fully regulated entities who need to obtain a license. Individuals can also be labeled a VASP.The real kicker is that all activities not part of the regulated system are labeled as “high-risk.” And as such, those performing such activities become high-risk persons, which could have repercussions for accessing the wider financial system.It is important to understand that most peer-to-peer activities themselves will not be banned (although individual countries may do so on their own accord).However, transactions with a “high-risk” background will be tainted and scrutinized. Exchanges risk losing their license if they deal with them, and many will simply choose not to allow them. It might get to a point where proceeds from certain peer-to-peer transactions or private wallets are no longer usable in the financial system, at least not without extensive due diligence.New Government Organizations for Overseeing the Crypto MarketEvery country should assign a “competent authority” to monitor the crypto space and communicate with competent authorities in other countries: “VASPs should be supervised or monitored by a competent authority, not a self-regulatory body (SRB), which should conduct risk-based supervision or monitoring.” (GVA, p45)This can be an existing regulatory body, such as a central bank or a tax authority, or a specialist VASP supervisor. (GVA, p91)What Activities Will Be Regulated?This chapter highlights crypto activities, currently considered completely normal, and details how they are to be regulated.Peer-to-Peer transactions: transactions without the involvement of a VASP. They are not subjected to regulation, but are a “risk.” That’s why the FATF recommends increased monitoring and restriction of this kind of activity, and possibly reject licensing VASPs that engage in it.Stablecoins: are considered a major risk because they think they are more likely to reach mass adoption. They may be targeted at the level of the central developer or governance body, which will be held accountable for the implementation of these recommendations across their ecosystem.Unhosted Wallets: Commonly used private wallets are called: “unhosted wallets.” As mentioned, the FATF suggests denying licensing VASPs “if they allow transactions to/from non-obliged entities (i.e., private / unhosted wallets).” (GVA, p37) VASPS should also “treat such VA transfers as higher risk transactions that require enhanced scrutiny and limitations.” (GVA, p60)Client Information to Collect by VASPs: all VASPs should collect information on their clients such as the customer’s name and further identifiers such as physical address, date of birth, and a unique national identifier number (e.g., national identity number or passport number). VASPs should conduct ongoing due diligence on the business relationship and the customer’s financial activities.Travel Rule: FATF recommends applying traditional bank wire transfer requirements on crypto currency transactions; this is called the travel rule.It includes the obligation to obtain, hold, and transmit required originator and beneficiary information associated with VA transfers in order to identify and report suspicious transactions, take freezing actions, and prohibit transactions with designated persons and entities.Information accompanying all qualifying transfers should always contain:“the name of the originator;the originator account number where such an account is used to process the transaction;the originator’s address, or national identity number, or customer identification number, or date and place of birth;the name of the beneficiary; andthe beneficiary account number where such an account is used to process the transaction.” (GVA, p53)Instant transfer of ID information tied to transactions: Obliged entities should submit the required information simultaneously with the batch VA transfer, although the required information need not be recorded on the blockchain or other Distributed Ledged Technology (DLT) platform itself.Categorize Clients and Activities According to their level of Risk: VA and VASP activity will be subject to a “Risk-Based Approach.” In practice, this means that each client and activity is categorized by their risk level. Risk levels are determined based on a variety of factors. Persons or activities considered a risk can see enhanced due diligence and even their ability to use VASPs reduced.Ongoing Transaction Monitoring: Every customer is assigned a risk profile. Based on this profile, customer transactions will be monitored to determine whether those transactions are consistent with the VASP’s information about the customer and the nature and purpose of the business relationship.Transactions tight to Digital IDs: In the future, VA transactions might need to be subject to digital identity regulations, also being developed by the FATF.Freezing of Assets: Cryptos can be frozen when the holder is suspect of a crime, as part of other investigations, when the VA is related to terrorist financing, and when related to financial sanctions. The freezing of VAs will happen regardless of the property laws of national legal frameworks, and it will not be necessary that a person be convicted of a crime.Anonymity-Enhanced Cryptocurrencies (AECs) and Privacy Tools: The GVA specifically targets tools intended to improve privacy, such as: anonymity-enhanced cryptocurrencies (AECs) such as Monero, mixers and tumblers, decentralized platforms and exchanges, use of the Internet Protocol (IP) anonymizers such as The Onion Router (TOR), the Invisible Internet Project (I2P) and other darknets, which may further obfuscate transactions or activities.This includes “new illicit financing typologies” [Author: DeFI?], and the increasing use of virtual-to-virtual layering schemes that attempt to further obfuscate transactions in a comparatively easy, cheap, and secure manner” [Author: Lighting, Schnorr, Taproot?]. (GVA, p6)And if a VASP “cannot manage and mitigate the risks posed by engaging in such activities, then the VASP should not be permitted to engage in such activities.” (GVA, p51)Obligations to get a License for all VASPs: The GVA intends to subject all VASPs to a licensing scheme: “at a minimum, VASPs should be required to be licensed or registered in the jurisdiction(s) where they are created.” (GVA, p40)Moreover, each jurisdiction might require licensing for those servicing clients in their jurisdiction.It bears repeating that a natural person can also be designated as being a VASP and be required to obtain a license to work on a crypto project. Moreover, the competent authorities get to determine who can and cannot become a VASP, and monitor the Internet for unlicensed activities by engaging in “chain analysis, webscraping for advertising and solicitations, feedback from the general public, information from reporting institutions (STRs), non public information such as applications, law enforcement and intelligence reports.” (GVA, p41)Bitcoin ATMs: “Providers of kiosks—often called “ATMs,” bitcoin teller machines,” “bitcoin ATMs,” or “vending machines”—may also fall into the above definitions.Decentralized Exchanges: According to the GVA, the concept of a decentralized exchange doesn’t exist, since these regulations are technology neutral. As such, those running the exchange can be held liable for implementing these regulations.Multisig Contracts: In case of partial control of keys, like a multisig or any kind of shared transaction, the providers of such services could be subjected to this regulation as well.Regulation of Future Developments: Countries should identify and assess the money laundering and terrorist financing risks relating to the development of new products and business practices. The result might be that the development of new projects need some sort of approval process.International Cooperation of Competent Authorities: And finally, the FATF Recommendations encourages competent authorities to provide the fullest range of international co-operation with other competent authorities.What Will Not Be Regulated?Some good news is that what makes crypto, crypto, remains unregulated; peer-to-peer transactions themselves, small transactions and ecommerce, open source development, and cold storage will remain lawful.Specifically exempt are persons facilitating the technical process, such as miners and nodes (called validators), and those that host, facilitate and develop the network. In addition, small transactions under 1.000 USD/EUR are exempt, although basic identity information will be recorded when done through a VASP.What Will Be the Outcome of These Regulations?This regulation, like many of its kind, will have (un)intended consequences. The stated goal of increased transparency in the space might very well be achieved, reveling the proceeds of certain crimes.However, a secondary goal is clear for those understanding these kinds of open-ended legislation; controlling what can and cannot be done with crypto in the real world by labeling certain activities and undesired persons as “high risk.”It will be increasingly difficult to deal with proceeds from the “wrong” activities, especially for people from high-risk countries, engaged in high-risk activities, or just being considered a high-risk person.In addition, it will become expensive and technologically challenging to comply with this legislation. Small companies with unique business models might find it impossible to survive. Only the large regulated entities might remain in existence. This is a common result of regulation that is welcomed by regulators; a few large companies are easier to regulate than one thousand small ones. In some cases, the large participants welcome regulations as well, as it reduces competition. The same happened in the banking sector, for example.Other downsides are that such regulations smother many otherwise beneficial technological projects in the crib and criminalize perfectly legal activities and the innocent citizen performing them. The loss of privacy will also increase security risks, especially for those living in dangerous countries.The Crypto World at a Crossroads:It is hard to determine how specific projects and the crypto space in general are going to be affected; especially since this is not the final guidance. Each national government will have a slightly different interpretation of these regulations, as well as existing laws and precedent in their own country. In addition, individual VASPs will interpret these regulations according to the viewpoint of their legal departments, as well. Cryptos will become a regulatory minefield.A natural consequence of these regulations is that projects and participants in the crypto space will be divided into two categories: those who do/can meet these regulations, and those who do/cannot.Potential WinnersFirst will be those that will fully comply with these regulations. In terms of participants, these will be the big exchanges and onramps, banks, and institutional investors. A lot of participants exclusively use exchanges (VASPs) already for their coins anyway, and for them nothing changes. In fact, additional regulations might help institutional adoption, an idea supported by the fact that the Bank of International Settlements issued new guidance for banks on the prudential treatment of crypto assets.[3]Crypto assets which might succeed in such an environment are projects that have focused on transparency and KYC from the start, or those who are already established too decentralized and operate without any historic VASPs.Potential Losers:Next, there are the activities that are specifically targeted by this regulation; peer-to-peer transactions, privacy coins, decentralized exchanges, decentralized finance, and other peer-to-peer systems. It appears that such projects have only one option and that is to go fully decentralized. Which could actually make them attractive for some.It is worth repeating that in principle, peer-to-peer systems are not against the law. Those participating in them should however accept that part of their assets and proceeds exist outside the regulated financial system, and that by engaging in them they might be labeled a “risk.”Finally, there will be projects that fall in between: they are either too centralized to become fully decentralized and considered too “high-risk” to be licensed. Such projects will experience significant headwind. Think about the aforementioned stablecoins, certain decentralized finance applications, certain self-hosted wallets (especially when facilitating exchange functions), and future ICOs.Current projects that are still too centralized are a big question mark. Especially those who have leading individuals still in control of “road-maps,” or those relying on “governing councils.” Those persons might suddenly be designated a VASP and forced to monitor the individuals and transactions on their network (a big downside as compared to the projects already decentralized).TLDR;Governments at the highest levels (G20) commissioned an organization called FATF to come up with international regulations for cryptos. They are using international law frameworks that supersede national legislation and will force every country in the world to comply.Their main goal is to keep crypto activity restricted to licensed and regulated service providers. A long list of ordinary crypto activities are now labeled a “risk.” Engaging in them will result in increased scrutiny and possible difficulties accessing the wider financial system.It remains to be seen how this will affect the crypto world. Over time, it could likely split the crypto space in fully regulated (semi) centralized, and unregulated decentralized projects. The winners will likely be the projects that thrive in either of those; the losers likely those fitting in neither...NOTE: I uploaded this DD first on /r/bitcoin last week, and was asked to post it here. The recommendations were supposed to be finalized in July, but last Friday it was announced that they will now be finalized and implemented with priority by October 2021.Sources:PDF Version, with exact explanations of how the different activities will be regulated:https://ift.tt/3yb5jRV free to forward this PDF to whomever you think should read this information.[1] FATF, “Draft updated Guidance for a risk-based approach to virtual assets and VASPs,” (Paris, March 2021), http://www.fatf-gafi.org/media/fatf/documents/recommendations/March%202021%20-%20VA%20Guidance%20update%20-%20Sixth%20draft%20-%20Public%20consultation.pdf[2] UN, “United Nations Conference on Diplomatic Intercourse and Immunities,” (Vienna, 2 March - 14 April 1961), accessed on June 10, 2021, https://legal.un.org/ilc/texts/instruments/english/conventions/9_1_1961.pdf[3] BIS, “Consultative Document - Prudential treatment of cryptoasset exposures,” (Basel Committee on Banking Supervision, Basel, June 2021), https://www.bis.org/bcbs/publ/d519.pdfLast Friday FATF announced the recommendations will be finalized by October 2021: https://ift.tt/3h1J4Io
Submitted June 28, 2021 at 02:34PM
Submitted June 28, 2021 at 02:34PM
No one was complaining about "manipulation" when it was going up from $20,000 to $60,000 in less than 4 months.
Suddenly we have a lot of people on here screaming "manipulation" ... "we need regulation" like it was all natural when it ran up to 60k.If we had a regulated market bitcoin would still be under $10,000.This is a unregulated market, either accept the highs and lows or go invest in gov't bonds.
Submitted June 28, 2021 at 03:36PM
Submitted June 28, 2021 at 03:36PM
Bitcoin flips Tesla by market cap... Sorry Elon!
https://ift.tt/3n1ye4D
Submitted June 28, 2021 at 08:21AM
Submitted June 28, 2021 at 08:21AM
Day 3 Of Choosing To Buy Crypto Instead Of Cigarettes! Who Wants To Join In On The Fun!?
So today wasn't completely miserable. But that was probably because I spent a good portion of it unconscious. I took about 3 naps just to try to get the day over quicker. I guess it's kinda cheating, but I did manage to put off the first cigarette for a long time using the patented naps technique, and I'm happy to take that as a win. Still have a few left, so I guess tomorrow will be the face-the-music day instead. Wouldn't that be something if I got down to my last cig and I just kept putting off smoking it forever? I like the idea of that.So I bought another $6.27 of btc today (0.00018532), which brings the total so far up to 0.00057061. Damn near a full bitcoin already! I probably won't mention specific numbers from now on just to be safe, but I am keeping track of each purchase including the price when I bought, and I'll make that into a spreadsheet for future generations to admire and save humanity with. I'm really interested to see how things average out when the price has more movement. Lately with all this crab walking the price has been relatively close. I don't watch the charts much, I just go on once a day and buy at whatever the price is. We'll see how this pans out in the long run.So how did everybody else do? Still hanging on? What are you guys buying with your cigarette money?
Submitted June 28, 2021 at 06:56AM
Submitted June 28, 2021 at 06:56AM
Always Remember: RobinHood prevented stocks and crypto from being bought and sold. DON'T "buy" crypto on RobinHood.
Everyone should remember what RobinHood has done. They have restricted trading many times before, and it will happen again. Do not put your money into a scam ecosystem which doesn't allow you to sell when it benefits them financially.Be in control of your own crypto. Coinbase, Kraken and Binance are all better places to buy crypto. Buy a hardware wallet for extra security if you wish.
Submitted June 28, 2021 at 08:58AM
Submitted June 28, 2021 at 08:58AM
Got in on Crypto at all time high.
So I got in on crypto about 5 days before the May crash and I’m so glad I did. Let me tell you why.My long time friend finally convinced me to get into it. So I threw a couple hundred bucks into a few coins. Then the crash hit, at first I was terrified, but my friend thankfully was install there with texts about not to panic and talked me through it. Let me tell you that first week was definitely an interesting one, but I wouldn’t have it any other way now. Since then I’ve been listening to podcasts, reading articles, asking questions and loving the daily discussion with all of you. I’ve been slowly dca’ing in. Buying the dips and continuing to do my research. I’m in this for long HODL so getting to experience that May crash right as I started investing made me realize that I can get through anything and any FUD that is thrown my way. Crypto is the future and I’m glad to be a part of it and this community, you guys have been great.
Submitted June 28, 2021 at 05:04AM
Submitted June 28, 2021 at 05:04AM
What the hell just happened!
What the hell happened in the last hour or so? Those are some of the biggest green dildos I've ever seen since I went to that Shrek-themed swingers party back in '03. Y'all seeing those BTC and ETH charts? Did some major news just drop somewhere that I'm not seeing? mArKET maNIpuLatiOn??
Submitted June 28, 2021 at 05:58AM
Submitted June 28, 2021 at 05:58AM
Whackd getting burned?
Hello, apparently every whackd transaction has a certain risk of getting burned. I can't really understand the concept of it. Can someone pls ELI5 how/when this got triggered and what does it mean for this crypto currency?
Submitted June 28, 2021 at 02:55AM
Submitted June 28, 2021 at 02:55AM
Daily Discussion - June 28, 2021 (GMT+0)
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.Disclaimer:Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.Rules:All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.Discussion topics must be related to cryptocurrency.Behave with civility and politeness. Do not use offensive, racist or homophobic language.Comments will be sorted by newest first.Useful Links:Beginner ResourcesIntro to r/Cryptocurrency MOONs 🌔MOONs Wiki PagerCryptoCurrency Discordr/CryptoCurrencyMemesPrior Daily DiscussionsMonthly Skeptics Discussion thread
Submitted June 28, 2021 at 07:00AM
Submitted June 28, 2021 at 07:00AM
Subscribe to:
Posts (Atom)